Shocking! India’s 2000 richest families control 18% of Wealth but pay tax of only…, reveals…

Shantanu Deshpande, founder and CEO of Bombay Shaving Company, has brought attention to a significant inequality in India’s economic structure. In a recent LinkedIn post, Deshpande revealed that just 2,000 families control 18% of the country’s wealth yet contribute only 1.8% of total taxes, a situation he described as “INSANE.”

Economic Inequality and Its Impact

Deshpande reflected on the broader implications of this inequality, pointing out that while successful entrepreneurs often promote a “work hard and climb up” narrative, the reality for most Indians is starkly different. He noted that many people work not out of passion or choice but as a necessity to support their families, driven by a lack of financial security.

In his post, Deshpande stated, “One of the tragic and late realizations I’ve had is, most people don’t like their jobs. If everyone in India were given sustenance money and the financial security their current jobs provide, 99% wouldn’t show up to work the next day.”

A Universal Reality Across Sectors

Deshpande highlighted that this dissatisfaction spans various sectors, from blue-collar workers and government employees to gig workers, factory laborers, insurance agents, bankers, small business owners, and even employees in “fun and employee-friendly startups.” He emphasized that the underlying issue is the same across the board: economic compulsion rather than genuine interest or passion for their work.

A Call to Reflect

The CEO’s candid post sheds light on the deep-rooted inequalities in India’s economic structure, questioning the fairness of a system where a small fraction of families control significant wealth but contribute minimally to taxes. His insights also challenge societal narratives around work, urging policymakers and stakeholders to consider reforms that address financial insecurity and inequality.